Given the increasing interdependence of both financial systems and attendant payment and settlement systems a vital … question is what form should optimal policy take when there are two connected payment systems with separate regulators. In this …

operation of large-value payment systems (LVPS), with specific application to Canada's Large Value Transfer System (LVTS). To … empirically test this proposition for the case of Canada's LVTS. The analysis is conducted using a payment system simulator …

also competing directly with them in the retail market for payment services. The authors construct a model of a clearing … competitive advantage in the retail payment services market. The model demonstrates that a clearing agent can attain this …Payments systems are typically characterized by some degree of tiering, with upstream firms (clearing agents) providing …

out-payment flows. It is composed of three subgroups, in which participants within a subgroup are more strongly linked … are defined in terms of participant-specific collateral needs and out-payment delays, and result from different relative … cost structures involving collateral costs, queuing costs, and payment delay penalties. Each of the conjectural equilibria …

credit serves as means of payment, and endogenous credit constraint. …

The authors present the methodology and main findings of the Bank of Canada’s 2009 Methods-of-Payment survey, a … detailed investigation of consumer payment behaviour in Canada. The survey targeted the 18- to 75-year-old Canadian resident … population. During November 2009, participants answered a questionnaire about their demographics, personal finance, and payment …